157. Below is the market for soda in NYC. The equilibrium price was $2.50 but is now $3.00. Which of the following is true when the minimum price of soda is $3?

The quantity supplied and quantity demanded of soda are the same. The market is at equilibrium.

Not enough info to say for sure.

158. How does the law of demand relate to price changes?

Consumers buy more when prices decrease

Consumers buy more when prices increase

Consumers buy less when prices decrease

Price changes have no effect on consumer behavior

159. What is the main difference between microeconomics and macroeconomics?

Microeconomics studies individual economic units, macroeconomics studies the economy as a whole

Microeconomics studies individuals, macroeconomics studies governments

Microeconomics studies small businesses, macroeconomics studies large corporations

Microeconomics studies local economies, macroeconomics studies global economies

161. Jennifer Lopez is seen wearing a new short and sleek dress. Women now want this dress. Which demand determinant is this most likely to fall under?

Change in Price of Substitute Good

Change in Consumer Price Expectations

162. What happens in the market for cheese when the price of milk decreases?

The price of cheese decreases and the quantity of cheese at equilibrium increases, since milk is an ingredient in cheese.

The price of cheese decreases and equilibrium quantity stays the same.

The price of cheese increases due to the increased demand (shift to the right) for milk.

The price of cheese is unrelated to the price of milk.

163. Which of the following is an example of complimentary goods?

PayPal and Facebook Marketplace

Vanilla ice cream or Chocolate ice cream

164. What does the concept of marginal benefit refer to?

The additional benefit gained from consuming one more unit of a good

The total benefit gained from consuming a good

The average benefit of consuming multiple units of a good

The benefit lost from consuming less of a good

166. When Joanna permanently closes the movie theater she ran in her hometown, this causes:

A shift to the left of the supply curve for movie tickets.

A shift to the right of the supply curve for movie tickets.

A movement along the supply curve for movie tickets, that is a decrease in the quantity supplied.

A shift to the left in the demand curve for movie tickets.

167. What does a downward-sloping demand curve indicate?

As price increases, quantity demanded decreases

As price increases, quantity demanded increases

As price decreases, quantity demanded decreases

Price has no effect on quantity demanded

168. What is the main purpose of using incentives in economics?

To motivate specific behaviors or actions

169. The graph below shows that ____________.

the demand for cereal has increased

the demand for milk has increased

that the supply for cereal has decreased

that the supply for milk has decreased

170. How does the law of supply relate to price changes?

Suppliers offer more when prices increase

Suppliers offer more when prices decrease

Suppliers offer less when prices increase

Price changes have no effect on supply

173. What does the 'Law of Diminishing Marginal Returns' suggest?

Additional units provide less benefit over time

Benefits always increase with additional units

Costs always decrease with additional units

The first unit always provides the least benefit

175. What is the primary focus of microeconomics?

How individual consumers and firms make choices

176. How might a shift from a price-based to a need-based resource allocation method impact society?

It could lead to more equitable distribution but might reduce economic efficiency

It would have no significant impact

It would always lead to more efficient distribution

It would only benefit wealthy individuals

177. Why might the law of diminishing marginal returns be important for a business owner to understand?

It helps in determining the optimal level of production

It's not relevant to business decisions

It only applies to consumer behavior

178. How could understanding both positive and normative economics contribute to more comprehensive policy-making?

By combining factual analysis with value judgments

It wouldn't; only positive economics matters in policy

By focusing solely on how things should be

By ignoring all subjective factors

179. Which of the following best describes the concept of scarcity in economics?

The result of people having limited resources but unlimited wants

The ability to satisfy all wants

The abundance of goods in a market

180. What is the main difference between positive (explicit) and normative (implicit) economics?

Positive economics deals with facts, while normative economics deals with opinions

Positive economics is always correct, while normative economics is always wrong

Positive economics is about the past, while normative economics is about the future

Positive economics is theoretical, while normative economics is practical

181. What is the economic definition of a 'good'?

A finished product that can be bought or sold

Something that is morally right

A service provided by the government

182. What does the Law of Demand state?

Consumers buy more of a good when its price decreases

Consumers buy more of a good when its price increases

Consumers buy less of a good when its price decreases

Consumer behavior is not affected by price changes

184. How is a supply curve typically drawn on a graph?

Curved line connecting the X and Y axis

185. What is the primary difference between a good and a service in economics?

Goods are tangible, services are intangible

Goods are free, services cost money

Goods are produced by companies, services by individuals

Goods are consumable, services are not

186. Which of the following best describes marginal benefit?

The additional benefit gained from consuming one more unit of a good

The total benefit gained from consuming a good

The average benefit of consuming multiple units of a good

The benefit lost when stopping consumption of a good

188. What does the concept of opportunity cost refer to?

The value of the next best alternative given up

The monetary cost of a purchase

The benefit gained from an economic decision

The time spent making an economic decision

190. What is the main purpose of a W-4 form?

C) To tell your employer how much tax to withhold

A) To apply for health insurance

D) To report retirement savings

192. What is net income?

Money you take home after taxes

B) The total of your monthly expenses

C) Money earned from selling assets

194. What is the main benefit of liability auto insurance?

B) It protects other people if you're at fault

A) It protects your savings account

C) It covers regular car maintenance

D) It lowers your credit card bill

195. Why do some people choose comprehensive car insurance?

A) To cover damages from non-accident events

B) To avoid paying property taxes

C) To skip regular car inspections

197. What does the term “deductible” mean in insurance?

B) The amount you pay before insurance covers costs

A) Money you get from your bank

D) Interest paid to you by your credit card

198. What is one risk of not having health insurance?

C) You could face huge medical bills

A) You can’t open a bank account

B) You might be charged extra ATM fees

D) You lose your Social Security benefits

199. What is the purpose of home insurance?

C) To protect against damage or loss

Econ Final Exam Review 4

Authored by Daniel Hamilton

Social Studies

9th - 12th Grade

Used 5+ times

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50 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

150. In a market with a surplus, what happens to the quantity demanded as the price adjusts to reach equilibrium?

Quantity demanded increases

Quantity demanded decreases

Quantity demanded remains constant

Quantity demanded becomes zero

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

151. Which of the following is NOT a shifter of the demand curve?

Consumer preferences

Income of buyers

Price of the good

Number of buyers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

152. If the price of oil barrels is $10 and there's a shortage, what will happen to the price and quantity as the market moves towards equilibrium?

Price will rise, quantity will increase

Price will fall, quantity will decrease

Price will rise, quantity will decrease

Price and quantity will both remain constant

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

153. What market condition is represented when the quantity demanded is greater than the quantity supplied?

Equilibrium

Surplus

Shortage

Stagnation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

154. If a market is at equilibrium, which of the following is true:

There are no wasteful trades.

There are no trades.

Gains from trade are minimized.

Buyers are exploited.

Both C and D are true.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

155. Below is the market for soda in NYC. The equilibrium price was $2.50 but is now $3.00. What happened to the quantity supplied relative to Q1?

It increased.

It decreased.

It stayed the same.

Not enough info to determine.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

156. Below is the market for soda in NYC. The equilibrium price was $2.50 but is now $3.00. What happened to the quantity demanded relative to Q1?

It increased.

It decreased.

It stayed the same.

Not enough info to determine.

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